Project Manager, the Most Important Term Paper

Open, View, and/or
Download this Document

Total Length: 2192 words ( 7 double-spaced pages)

Total Sources: 1+

Page 1 of 7



Following the discussion presented in the paragraphs here above, we may conclude that, as a risk factor, a decision made by the customer that would imply modifying the initial requirements of the projects would have direct implications in terms of time, resources and scope used on the project, mainly due to the need to relocate and rethink the original plan of the project, increasing time and human resource initially spent on it.

8. Two of the main issues that project management and project managers face in term of projects are related to falling behind schedule and to over budgeting. The Earned Value Analysis solution is an excellent way to deal with both at the same time. The EAV measures the way a project has evolved through its different phases and helps forecast the eventual cost at deadline, along with the variances that may occur along the way.

Of course, if all these elements mentioned would be only qualitative, we may have a problem. However, the best advantage about EAV is that it uses measurable, quantifiable indicators in order to determine whether the cost, schedule and work accomplished elements are all performing as initially planned when the project was defined.

It is best to introduce now some metrics that are used with the concept. These include Schedule Variance (SV), obtained by comparing BCWP (Budgeted Cost of Work Performed) and BCWS (Budgeted Cost of Work Scheduled) and the Cost Variance, as the difference between BCWP and the Actual Cost of Work Performed (ACWP). Negative variance in these cases means that either the project is over budget or behind schedule.

Of course, using these two metrics, schedule variance and cost variance, we are already prepared to make assumptions about the business. Let's suppose a software and it company needs to deliver a product for a customer in a period of time t and using a certain amount of money.

Stuck Writing Your "Project Manager, the Most Important" Term Paper?

View All Our Example Project Manager, the Most Important Term Paper

Have A Custom Example Essay Written

At time t1, the project manager performs an evaluation which leads to the following conclusions.

The Budgeted Cost of Work Performed was evaluated at $49,000 and Budgeted Cost of Work Scheduled is evaluated $55,000 and the Actual Cost of Work Performed is evaluated $56,000. The Schedule Variance can be calculated, in this case, as equaling $- 6000 and the Cost Variance as equaling

7000. As both cases show, the project is both behind schedule and over budget at the current moment.

In my opinion, the most important advantage that the Earned Value Analysis provides is the fact that it gives the best idea of how the project is performing at a certain moment in its accomplishment. In this case, it is not going well.

In traditional approaches, many of the qualitative evaluations were generally performed towards the end, when nothing much could be done and when the budget needed to be increased so as to cope with the additional costs accounted for during the time passed from phase 1.

However, in this case, an evaluation like this performed, let's say, after a quarter of the project has been accomplished, will allow the project manager and the investors the necessary time to take the right measures.

In this case, the it project is spending too much money. A solution for this would be a better work efficiency, a form of management that would permit people to work with better results in order to achieve goals. The idea with EAV is that it is great in determining the problems when there is still enough time left to do something about them......

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Project Manager The Most Important" (2005, June 10) Retrieved June 15, 2026, from
https://www.aceyourpaper.com/essays/project-manager-most-important-66072

Latest MLA Format (8th edition)

Copy Reference
"Project Manager The Most Important" 10 June 2005. Web.15 June. 2026. <
https://www.aceyourpaper.com/essays/project-manager-most-important-66072>

Latest Chicago Format (16th edition)

Copy Reference
"Project Manager The Most Important", 10 June 2005, Accessed.15 June. 2026,
https://www.aceyourpaper.com/essays/project-manager-most-important-66072
   

Open, View, and/or
Download this Document
order custom essay example